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against the united states. that is likely to change today because we have friday prayers and there will be more widespread demonstrators today. but there are individual circumstances in each country which will play out in the future of relations. so the conditions in yemen are very different from egypt and we have the drone strikes in yemen which feed into anti-americanism there it and egypt, it's probably more to do with the closeness of the british regime. libya is more difficult. you have the risk of increased presence in the east which is kind of feeding the instability there. so a lot of different local dynamics at play. >> david, while we concentrate on this of course we're still working out what's going on with the really big story. which i don't want to downgrade it, but iraq of course. and how is that going to pap out? >> in terms of -- >> nuclear weapons. >> it remains very difficult because we're still trying to analyze what the israeli intentions are. that's the key going forward certainly before the u.s. election. there is a widespread fear that perhaps the i
who is saying there is great uncertainty about how the united states will deal with its high debt levels. that may be the case. perhaps deflecting some attention there back to the u.s. certainly it's getting its fair share of attention in the u.s. during campaign season, but nevertheless an interesting comment from the finance minister this morning. >>> let's check in on the equity markets. we've mentioned some of the big decliners in the luxury goods place after burberry came out with a statement talking about slowing growth in the most recent quarter. overall markets are down by just about half of 1%. that's the stoxx 600, so it gives you a pretty good view of the region as a whole. specifically the ftse 100 moving lower by 0.35%. the ibex is suffering to the tune of about 1.25%. in fact we put it in twice just to make sure you pay attention. in the bond markets, the ten year germany bund at 1.53%. yields in spap ain are still of course elevated, and italy 5.23%. and in the uk, the ten year lower 1.75. and on the legality of the esm, we also do have the election in the netherlan
doing well and running their plants at full capacity. obviously helped from sales in the united states and china. and then you have the latins, french and italians facing substantial issues of sales and excess capacity. fiat closed a factory in siscil, but that was done at financial costs. >> as an investor, all the political pressure to stay in italy comes potentially at what might be in the company's best interests longer term. >> i think will is really the issue. i think one of the quid pro quo for closing the plant in sicily was to actually at least bring more production back into italy from poland and this is the new one they started producing at the beginning of the year and they already announced short time working so it's still not selling. >> is that reflective of concerns in europe or does it scare with what we heard out of daimler which was talk about slowing europe and china sales trends. >> daimler and mercedes specifically highlighted problems in southern europe. that plays into fiat's main market. >> and meanwhile journalist who had the story we're talking about fiat now
of companies being started. there actually in the united states has been a dip in new starts. usually there's an upswing in new starts in the recession. we have a very unusual recession going on here. i think it's largely driven by the origins of the recession, that it was a finance-based recession. this has rippled through in terms of credit into the economy and it's changing the nature of available capital resources for startups. although your concern is logical, i don't think it's what's happening right now. >> the number one concern people have about the u.k. is the proximity to europe. this seems to be the number one issue. you can't do anything about the back drop. the government has pinned its hopes on programs like the funding for lending scheme. do you think this does anything to encourage small businesses? >> there's a couple of points in there. i completely agree that we have a challenge that our largest trading partner is the e.u. there's little to be done about that per se. but funding -- the lending for business scheme is a challenge in the startup context in a number of level
this year particularly in the united states and i think we were due for it a bit of a correction. but overall the story has been one of tail risks and tail valuations. the relative valuations of stocks and bonds are extreme around the developed world and as central banks have moved in and removed some of the tail risks, as that has happened i think markets are a subdued global economy, because more global economy. >> well, oil certainly has gotten focus in the wake of the fed's move on qe infinity. is it your view that prices have further room to run if stocks do as well? i know you're sort of a little cautious on the macro picture here. but macro might not matter if there's more support from the central bank. >> i don't think that oil prices will get pushed up by the global economy that much the question is whether there be a coordinated attack on the nuclear iranian facilities. if that happens and disrupts oil supplies, that could obviously push oil prices much higher. so i think there is a certain amount of sort of middle east tension risk built into oil prices. hard to disent
. of course, obama's speech comes at a time when the united states is facing a very difficult situation in the middle east. we saw the ongoing protests, and of course, anti-u.s. sentiment is at relatively high in terms of its historical sort of context. but again, peace is hard is what obama made very clear in his speech. a warning shot to the remaining dictators in the region. also saying that countries like bahrain, which is a neighbor to saudi arabia, the world's top oil exporter, that the reform needs to happen there as well. what a lot of observers were hoping for is that there would be more of a focus on syria and iran. president obama spent quite a bit of his speech talk about the palestinian-israeli conflict and the tensions there. but when it comes to syria, he said the united nations need to act on that front. the united states is not going to just stand by. they have to overcome the pretty much resistance from other countries like russia and china in the united nations security council. but when it comes to iran, united states making it clear that they will do what they must,
, it's still actually quite sticky in the united states. badly there needs to be a dose of fiscal consolidation. we would say it's going to be 1.5% of gdp. in the eurozone it's -- if the uk it's 1.25. >> good to see you today. thanks for joining us. >>> german chancellor angela merkel is preparing for yet another meeting today -- >> how is she doing? >> it's one after another after another. she is set to hold talks with herman von rompuy. she's been having down time and having a few beers at a german beer festival. >> this is how she does it. >> the german chancellor did get on stage and called on germany to have solidarity. >> is she on the stage? there she is. i wonder if she would have a sash and flowers. she looks quite happy. >> she just wants the beer. >> is that post the beer? she looks like she's enjoying herself. >> love it. >> where do we go on the road to the beer festival? >> oktoberfest. >>> still to come, president obama is set to make his pitch for four more years in the white house as the democratic convention kicks off. could the real focus be on friday's jobs rep
but also in the united states. the global issue has been a subject john has been involved, the ceo of eli lilly. nice to see you. let's see this issue of leadership. clerly the onus with central banks doing as much as they can in terms of turning around the global economy. the emphasis is very much on a political class in europe that is fighting its own corners, and in a clearly divided political class in the united states. can't we achieve this sort of leadership the world needs economically? >> we're in a tough situations that's been years in the making and i think it will be years to work our way out of it. there's an old saying as elected democracies we get the leaders we deserve. different views on our leaders reflect a certain divisiveness on leaders. some of the comment i made here yesterday of the position i would take, and i think we should be looking toward from the perspective of anyone who runs a company is leadership that takes a long-term view when temptations are otherwise to deal only with the short term. and leadership insofar as possible in this time of turbulence can pr
as well as in the united states. >> markets saying these figures point to eurozone contraction of 0.5% in qe. what's your outlook? >> it's in line with our numbers. we think for the full year the eurozone contracts at 0.4% rate, so not far off what you suggested and that seems to be consistent with the underlying data coming in. no real revisions just yet but we'll watch and wait. >> what about 2013, is that a year -- 2012 we see europe broadly contracting. what about 2013? >> a lot hinges on the global environment. hinges on whether the u.s. can slowly grow and maybe grow a bit faster. whether china can begin to pick up steam. external stories can be critical for europe. >> larry will stay with us. let's check in and check out market reaction. >> one hour into european trading session. 73 declining outpacers. ftse 100 down 1.5% yesterday. down 0.5%. dragged yesterday by u.s. disappointing. the xet ra dax down 0.3%. ibex down after a good rise in july. keep your eye on bond rates. yesterday we had a nice rally in spain on two-year. ten-year, 6.62%. that's slightly higher on the sess
in france, germany, the uk and the bae largest customer, the united states. so where do we go from here? katherine boyle joins us, she's been writing about this online. a very good morning to you. let's talk about the impediments to something getting done. which is the biggest one in your opinion? >> well, i don't think you're going to see much political interference actually because i've heard from sources that in fact the main government evolved in the european side have all been consulted off the record and have given the nod. of course that didn't mean that there aren't other governments that could cause some trouble. as you mentioned, be have boeing, but we also have lockheed martin and northrup who are even bigger players in the defense market. >> and it raises the question is it a bigger deal for civilian air space market or defense. and obviously it's defense. >> the u.s. defense market which is still the world's biggest by several multiples. and why there's been a lot of noise about saudi arabia and china and other countries which are sort of bunch onin burgeoni. >> they need t
framework in the united states. we look at the fed. one of the greatest threats to the u.s. and the capitalism really is academics and bureaucrats that really run our entire regulatory framework in the u.s. and they run the federal reserve. we need risk it takers. people that have actually taken risk to be in the regulatory framework. if you look at the crash of 2008, who is making all the decisions? it was hank paulson, someone from wall street. and we have a situation all these years later where if you look at the fdic, the futures trading commission, the regulatory infrastructure doesn't have approach risk takers. and that's a big threat. >> it sounds like you think the fed are taking risks. >> i've been behind the scenes taking to hedge fund managers. these are complete experimental drugs, they don't have an exit strategy. they want to make us feel good with academic contrived jargon, but this is a massive experiment. and what i'm worried about, think about in the united states we have a trillion dollars in pensions. they're underfundeded compared to '08. that's a pro
the united states and young people turned out. this time not so much. i've seen a number of polls on university campuses that they're pretty apathetic about the whole thing this time. so it will come down to turnout. and low turnout on the democrat side of course helps republicans because republicans vote no matter what. >> no matter what. >> no matter what. i'm voting on the 27th of october. >> no matter what. >> who are you voting for, do we know? >> i couldn't possibly say. >> mary jo will stick away. she did work for ronald reagan and george h.w. bush, as well. in other news, israeli prime minister benjamin netanyahu has issued a warning that the nuclear program must be stopped and limitses need to be drawn up to allow time for facilities to be dismantled. >> a red line should be drawn right here. before, before iran completes the second stage of nuke checle enrichment necessary to make a bomb. before iran gets to the point where it's a few months away or a few weeks away from amassing enough to make a nuclear weapon. >> you know it strikes me i swear i think he drew the line
on to food stamps. it tells you a lot about the structural dynamic of employment here in the united states. and you're seeing still an increase in the number of people hiring for temporary work rather than full-time employment and a lot of the full-time jobs are in the lower paying wage range which really impacts consumer for down the road for stronger economic recoveries. >> another concern is the falling share of americans who are in the labor force. so as a whole, the figure continues to decline that's partly because of demographic reasons. but 20 to 24-year-olds, 70% for the first time. a trend across the board happening worldwide. and it would suggest that this goes beyond -- or that the damage in this particular recession could last for quite some time. >> certainly we're hoping to see better that i thinks to see people give more encourage chme but a lot of things have to be addressed quickly. what you are seeing is again i would go back to the fact that there are still a lot of job opportunities out there. people have to know where to find them. we pulled statistics from the nationa
bag. i mean, the math is done a little bit differently in the united states, you having done a ph.d. at harvard. they are taking care of the problem, aren't they? they are in the process? >> well, they are talking about it. i don't think they are doing any meaningful things, because in the u.s. political system, you really have to have the president, the white house, and the congress working together. and currently, the two parties are not even talking the same language oftentimes. so i do hope whatever the outcome of the presidential election in the u.s., the two parties, the administration and the parliament, the congress should work together. >> yeah, their philosophies are farther apart than ever. it's two different americas. what are you saying then? you're saying with the prospect of still a possible qe3, that a serious debasement of the dollar devaluation -- almost like a deliberate devaluation of the dollar is going to enter the conversation here? is that what you're alluding to? >> no. what i'm saying is the u.s. financial crisis is a monumental, historical event. the con
of volume in the afternoon because there will be no incentive from the united states. euro/sterling, down a little bit. after that manufacturing pmi number came much better than expected. so interestingly enough, employment stilg still picking up in manufacturing. although it's still in contractionary territory. if you like pmi, you'll like china for the last couple of days. >> i think, ross, asian bourses mostly finished higher despite down beat manufacturing numbers from china. analysts say those weak readings could prompt supported policies from the central bank. the gape, 0.6% gold liner search off future fed. developers rally following the comments on building more affordable housing. the hang seng followed suit, helped by congress congress property place and internet giants. turning negative in late trade to end at a four-week low. lost over 6% after it proposed to revise down its stake back in march. energy places and industrials sent the kospi higher by .4%. samsung electronics lost a round after apple targeted four more cents on products. the afx 200 eked out modest gains, higher
has been happening this morning? those viewers in the united states waking up, why are the apple workers in paris upset? >> for the last week, they've been extremely it is grunt he willed. all over the french media, they've been meeting with different management, complaining, in pact one of them was quoted as saying working at apple is like working in a coal mine. they've been complaining that they have to work longer hours than what they're paid for, that they don't get any commissions uneven though they're under constant pressure to sell. they're monitored by cameras in the stores and looking for things like a 13th month of pay as a bonus, higher pay and water fountains in the store. some of these things are standards for french workers, but they're complaining that apple has been extremely resistant to provide them these things. in fact they say they've been fighting for three years for the 13th month of pay. so at the end of yesterday, there was a sort of last resort meeting at which it was decided that these issues would be revisited before the end of the year, that the comp
. plenty more to come from you. also on the agenda today in the united states, two key data points .at s. housing recovery. expected to be up 1% for july. and we'll also have the latest consumer confidence report, this is the richmond fed manufacturing survey due out at 1:00 eastern. also an auction of two year treasury notes. >> speaking of economic indicator, here's one for you. southern europeans are cutting back on their coffee due to the economic downturn. consumption is down in italy and sman to levels not seen for the last five or six years. and perhaps in a silver lining for the rest of us, that's driving the price of coffee down. what do you cut back on in tough economic time times some do you still need the daily caffeine boost? two pounds a day really does add up. i know i'm equity of that myself. e-mail us or tweet us to respond to that or anything else you've heard on the program this morning. and speaking of twitter, on wednesday on cnbc, we'll have an exclusive interview with the twitter ceo. tweet your questions today using the #ask twitter. >> and angela merkel, we'll he
it to the united states unbelievably rapidly. so they can argue about currency and outsourcing, but the u.s. is the beneficiary right now. >> they're selling the wrong story. meanwhile protesters gathering in madrid, calling for the spanish government to resign. are a hoig's reforms have proved deeply unpopular. steve, what are we going to get today and what do we get tomorrow when we hear about how much more money the banks need? >> very interesting. i've already spoken to the economy ministry about the financial assessment of the banks. they pretty much have a credit line of 100 billion euros. that money is waiting really although the conditionality has been questioned after some of the northern europeans, just questioning what the money will be used for and indeed where it goes to specifically. but in terms of the budget today, cuts across the papers. whether 4% at the justice ministry, 30% agriculture, public works. the rajoy is trying to play a catty game. he's trying to reempty the conditionality that may welcome with an official call for a bailout of the sovereign. because he knows
Search Results 0 to 17 of about 18